The global smart plug market is predicted to reach USD 3.02 billion in 2024 and USD 9.60 billion by 2029, growing at a CAGR of 26% during the forecast period.
Smart plugs have many uses and can form versatile building blocks for smart homes. Controlled remotely by a mobile app, a smart home automation hub, or a smart plug permits users to turn on and off any device which plugs into a standard wall outlet. Certain outlets can even be programmed to turn on or off automatically at particular times or according to specific events. A smart plug plugs directly into an electrical outlet and has its own outlet, so it's like an out-extension. Considering the growing popularity of smart homes, the global smart plug market is expected to grow rapidly in the coming years.
The growing popularity of smart homes has created potential opportunities for the global smart plug market to expand in the coming years. The emergence of innovative products, such as Wi-Fi smart plugs, is expected to support market growth in the coming years. The increase in the number of applications and technological advancements in this field are supposed to enhance the expansion of the smart plug market in the coming years. In addition, innovations and easy availability of smart plugs will ensure the market boom in the coming years.
Important and encouraging determinants of the smart plug industry are high demand for the far focus of instruments, the accelerated implementation of home mechanization technologies, and the changing customer trends that tend to move closer to smart home goals. Growing customer demands for a comfortable lifestyle, more significant energy savings, and improvements in the Internet of Things (IoT) fabric are driving the smart plug market. In addition, the application of connectivity is a differential characteristic of enterprises and the growing need for energy-efficient devices. Security concerns connected to smart plugs and IoT are important for the limited circumstances of the smart plug market.
The use of smart homes is primarily tempted by government activities aimed at improving lifestyle. Smart homes invite you to adjust your living knowledge by moderating manual meditation while working with domestic machines. Furthermore, the Internet of Things (IoT) has made it possible to remotely control a more significant part of electronic devices on the web, which is also one of the reasons to nurture the interest of passionate households and, ultimately, interest in smart plugs.
The low cost of smart plugs compared to various other integrated smart devices is likely to play a significant role in the development of the market in the coming years. In addition, there is a great need for innovative and energy-saving appliances, which is expected to accelerate the development of the market in the coming years. Technological advancements and increased investments from major players are expected to support the development of the smart plug market worldwide.
The impact of COVID-19 on major markets such as the United States and China has been unfavorable, as the disruption of the supply chain in China has led to a decrease in demand for smart plugs in China. The decline in the number of recent construction projects and the temporary closure of manufacturing plants are some of the factors blocking the growth of the market in China. The US market is expected to experience higher growth than other countries in America. However, the restrictions in adopting smart plug systems and the current trade war with China are further seen to impact the expansion of the business.
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2023 to 2029 |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2029 |
|
CAGR |
26% |
|
Segments Covered |
By Type, Application, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
|
Market Leaders Profiled |
Belkin International Etekcity, EDIMAX Technology, Insteon, D-Link, BULL, Haier, SDI Technologies, Panasonic, TP-Link, Leviton, iSmartAlarm, Broadlink and other market players |
Among these, the Wi-Fi segment accounted for a leading share in the market, as smart plugs are easy to implement and cost-efficient, costing less than $30 per switch. Anyone with a smartphone can enjoy the convenience of a smart home using Wi-Fi.
North American smart plug market is expected to have a substantial market share over the next several years. North America is one of the fastest-growing regions in terms of revenue and also continues to grow over the forecast period. Some of the main aspects promoting the adoption of smart plugs in the area are the early adoption of advanced technologies by customers and the rise in the disposable income of the population. The existence of several leading players and the growing adoption of advanced home automation technologies should drive the development of this region in the coming years.
Additionally, the smart plug market in Asia Pacific is expected to grow rapidly over the next few years. The increased contribution from developing economies, especially China, India, and Japan, is expected to ensure market growth shortly. The growing middle-class population and the rising demand for digital services and solutions are key factors that will likely encourage market growth soon.
The major companies operating in the global smart plug market include Belkin International Etekcity, EDIMAX Technology, Insteon, D-Link, BULL, Haier, SDI Technologies, Panasonic, TP-Link, Leviton, iSmartAlarm, and Broadlink.
In December 2019, Amazon, Apple, Google, and the Zigbee Alliance began a collaboration to form a new working group that might develop and promote the acceptance of a new royalty-free connectivity standard to increase compatibility between the products of the smart home., with safety as a fundamental design principle.
In May 2019, Amazon released the latest addition to the Echo Show family of products: the Echo Show 5. In addition to its compact design, the Echo Show 5 offers several updates, smart home controls, customizable daily tasks, advanced privacy features, and visual content.
In October 2018, Johnson Controls International (Ireland) completed the purchase of Lux Products Corporation (USA), a renowned supplier of residential thermostats and smart products. Lux Corporation offers various residential and commercial products, from timers to smart home thermostats.
By Type
Bluetooth
Wi-Fi
By Application
Home Use
Commercial Use
Industrial Use
By Region
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
Frequently Asked Questions
The residential segment is a significant contributor, accounting for a majority of the market share, as consumers increasingly integrate smart plugs into their homes for energy management and convenience.
Limited infrastructure for smart home technology and concerns regarding data security and privacy are key challenges hampering the smart plug market growth in some regions.
Integration with voice-activated assistants, enhanced compatibility with IoT devices, and the development of energy-efficient smart plugs are emerging trends in the market.
The smart plug market is anticipated to witness continued growth, driven by advancements in IoT technology, increasing consumer awareness, and the expansion of smart home ecosystems globally.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1800
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region